Multinational investment firm Goldman Sachs has said that due to international expansion, UK-based leathergoods brand Mulberry could treble sales by 2016, implying compound annual sales growth of 37%.

Goldman Sachs drew a parallel with Bottega Veneta, which it said delivered 50% revenue growth between 2003 and 2007.

Following the same trajectory as Bottega Veneta would make Mulberry a EUR1.3 billion business by 2021, the investment firm said.

Some of the growth was likely to come at the expense of profitability as Mulberry expands via franchise partners and moves beyond leathergoods, which accounted for 94% of 2011 sales, Goldman said.

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